Mr. Richard Williams reports

CORNISH METALS UPDATES ON GOOD PROGRESS OF DEWATERING SOUTH CROFTY MINE

Cornish Metals Inc. has provided an update on the progress of dewatering of its South Crofty mine.

Mine Dewatering Tracking Ahead of Expectations

• Dewatering has been underway since early November with up to 25,000m3 per day of water pumped directly from South Crofty Mine and treated at the Water Treatment Plant ("WTP");
• Treated water is being discharged into the Red River which is having a positive effect on the water quality of the river downstream of the discharge point;
• The water discharged from South Crofty Mine powers a 75 kW hydro-turbine located ahead of the discharge point that generates up to 20% of the power consumed by the WTP;
• The water level within the New Cook's Kitchen ("NCK") shaft and underground workings is falling at a faster than expected rate;
• On December 5th the water level stood at approximately 155 metres below the surface;
• As the water level falls the rate of drop is expected to decline reflecting more underground workings at the deeper levels of the mine;
• The Company maintains guidance of 18-months (from start of dewatering) to complete dewatering of South Crofty Mine.

Richard Williams, CEO and Director of Cornish Metals, stated: "The start of dewatering of South Crofty Mine was an important milestone for the Company and it is pleasing to see the water level in the NCK shaft dropping faster than expected over the last month. We remain focussed on our objective to complete the dewatering of South Crofty within 18 months."

Background

• South Crofty is a historical, high-grade, underground tin mine that started production in the sixteenth century, and continued operating until 1998;
• The Project possesses Planning Permission for underground mining, valid to 2071, construct new processing facilities and all necessary site infrastructure, and an Environmental Permit to dewater the mine;
• South Crofty has the 4th highest grade tin Mineral Resource globally and benefits from the presence of multiple shafts that can be used for future operations;
• Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately two-thirds of the tin mined today coming from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;
• Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth;
• South Crofty benefits from strong local community and regional and national government support. The Project could generate 250 - 300 direct jobs.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed company (AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade, underground tin Project through to delivery of a Feasibility Study, as well as exploring its additional mineral rights, all located in Cornwall, United Kingdom. Cornish Metals has a growing team of skilled people, local to Cornwall. The former producing South Crofty tin mine is located beneath the towns of Pool and Camborne, and closed in 1998 following over 400 years of continuous production.

An updated Mineral Resource was completed in September 2023 (see news release dated September 13, 2023) as summarised below:

South Crofty Summary (JORC 2012) Mineral Resource Estimate Area Classification Mass(kt) Grade Contained Tin / Tin Equivalent (kt) Lower Mine Indicated 2,896 1.50% Sn 43.6 Inferred 2,626 1.42% Sn 37.4 Upper Mine Indicated 260 0.99% SnEq 2.6 Inferred 465 0.91% SnEq 4.2

The Mineral Resource Estimate for South Crofty is available in a report titled "South Crofty Tin Project - Mineral Resource Update NI 43-101 Technical Report", dated October 27, 2023, co-authored by Mr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) of AMC Consultants, and can be accessed through the above link and on the Company's SEDAR page.

The technical information in this news release has been compiled by Mr. Owen Mihalop who has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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